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McFEELY v. COMMISSIONER OF INTERNAL REVENUE

No. 24.

296 U.S. 102 (1935)

McFEELY v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided November 11, 1935.

Attorney(s) appearing for the Case

Mr. H.B. Wassell, with whom Mr. G.F. Snyder was on the brief, for petitioner in No. 24.

Assistant Attorney General Wideman, with whom Solicitor General Reed and Messrs. James W. Morris, John MacC. Hudson, and Lucius A. Buck were on the briefs, for petitioners in Nos. 110 and 111, and respondent in Nos. 24, 439, and 494.

Mr. Robert Driscoll, with whom Messrs. J.B. Faegre, Leland W. Scott, Hayner N. Larson, Albert J. Dibblee, and Clark R. Fletcher were on the briefs, for petitioners in Nos. 439 and 494.

Mr. George S. Fuller for respondents in No. 110.

Mr. Hugh W. McCulloch for respondent in No. 111.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

These cases were brought here on writs of certiorari to resolve a conflict between Circuits with respect to the application of § 101 of the Revenue Act of 1928,1 which permits taxpayers, at their option, to pay at the rate of twelve and one-half per cent. on capital net gains. Subsection (c) (8), so far as material, is: "`Capital assets' means property held by the taxpayer for...

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